Last update on the AE86 : it's for sale! Just clocked a 9.08 in the quarter , good but not enough for street racing.
New E36! Ended up buying an M3. The car is in good shape , but it's without engine/trans and on steelies. Checked the VIN , it's a geniune M3 (earlier ones , 3 liter engine from the factory). I'll keep the body stock , maybe only adding a front lip or changing the rear spoiler. I'll put in a Stage 4 RB26 crate engine , Powerglide trans , still choosing the turbos. I'll keep it full interior , maybe I will have to remove the rear seats to mount the cage.